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    Business

    Acquiring Minds

    Buying a business is an amazing path for many successful entrepreneurs. Learn how to buy a business from the entrepreneurs who have already done it. 2x per week: stories, insights, & valuable advice about acquisition entrepreneurship. Hosted by Will Smith, who is on his own path to acquire a business.

    Also on YouTube:
    https://www.youtube.com/@AcquiringMinds

    Sign up for episode summaries at:
    https://acquiringminds.co

    Advertise

    Copyright: © 2021 - 2023, Acquiring Minds

    • Apple Podcasts
    • Google Play
    • Spotify

    Latest Episodes:
    Rather Than Retire, Buy a Business Apr 01, 2024
    Show notes

    Get $200 off your ticket to the M&A Launchpad Conference in Houston on May 11th:

    • https://www.malaunchpad.com & enter code ACQUIRINGMINDS


    At age 63, Maurice Thomas wasn't ready to retire, so he bought an electrical contractor with $1m in earnings instead.

    Topics in Maurice’s interview:

    • Buying a business after age 60
    • Learning the right amount of diligence to do before submitting an LOI
    • Importance of a target statement for searchers
    • His values-first approach to business
    • Importance for searchers to “know thyself”
    • Politics and religion in the workplace
    • Gratifying work of coaching employees
    • His succession plan
    • Challenge of hiring lead electricians
    • Creating incentives that align with company goals

    References and how to contact Maurice:

    • LinkedIn
    • Maurice@MainLineElectric.net
    • Main Line Electrical

    Work with an SBA broker who focuses exclusively on helping entrepreneurs buy businesses:

    • Matthias Smith of Pioneer Capital Advisory

    Get a complementary pre-acquisition HR & PEO review for your target business:

    • Contact mark@aspenhr.com or visit Aspen HR

    Connect with Acquiring Minds:

    • See past + future interviews on the YouTube channel
    • Connect with host Will Smith on LinkedIn
    • Follow Will on Twitter

    $700k EBITDA with No SBA, No Money Down Mar 28, 2024
    Show notes

    How Andrew Stordeur bought a 25-year-old furniture manufacturer in Alberta without having to use any of his own capital.

    Topics in Andrew’s interview:

    • Taking a startup to an IPO
    • Competition in the wood furniture space
    • Financing without the SBA
    • Advice for Canadian searchers
    • Getting a 35% seller note
    • His 100% financed deal
    • His plan to increase direct-to-consumer sales
    • Being the sole breadwinner for a family of 6
    • Deciding not to buy with a partner
    • How his company ships faster than Amazon

    References and how to contact Andrew:

    • LinkedIn
    • Twitter
    • All Things Cedar
    • Village Wellth

    Learn more about Walker Deibel's done-with-you buy-side advisory:

    • The Acquisition Lab

    Get complimentary due diligence on your acquisition's insurance & benefits program:

    • Oberle Risk Strategies - Search Fund Team

    Connect with Acquiring Minds:

    • See past + future interviews on the YouTube channel
    • Connect with host Will Smith on LinkedIn
    • Follow Will on Twitter

    The Birth of a Roll-Up Mar 25, 2024
    Show notes

    Register here for the webinar, Working Capital 101

    • https://bit.ly/3IGEZWQ

    Get $200 off your ticket to the M&A Launchpad Conference in Houston on May 11th:

    • https://www.malaunchpad.com & enter code ACQUIRINGMINDS


    Stephen Olmon & Collin Trimble set out to roll up the alarm industry in Texas. Alarm Masters is their first acquisition.

    Topics in Stephen and Collin’s interview:

    • All about the alarm, fire, & security industry
    • Their roll-up strategy
    • Moats in the form of risk and licensing requirements
    • Valuation based on monthly recurring revenue
    • Educating their lenders on industry practices
    • Using a holdback to mitigate attrition risk
    • Choosing to offer both installation and service
    • The supply of technicians in this industry
    • The value of Collin’s sales skills
    • Strategic questions they asked during due diligence

    References and how to contact Stephen and Collin:

    • Stephen Olmon Twitter
    • Stephen Olmon LinkedIn
    • Collin Trimble Twitter
    • Collin Trimble LinkedIn
    • Alarm Masters

    Work with an SBA broker who focuses exclusively on helping entrepreneurs buy businesses:

    • Matthias Smith of Pioneer Capital Advisory

    Get a complementary pre-acquisition HR & PEO review for your target business:

    • Contact mark@aspenhr.com or visit Aspen HR

    Connect with Acquiring Minds:

    • See past + future interviews on the YouTube channel
    • Connect with host Will Smith on LinkedIn
    • Follow Will on Twitter

    How to Identify & Buy a Great Residential Contractor Mar 21, 2024
    Show notes

    Register here for the webinar, Working Capital 101

    • https://bit.ly/3veZaYP


    Alan Lochridge left a career in consulting to buy a 20-year-old $5.5m hardscaping contractor with strong fundamentals.

    Topics in Alan’s interview:

    • Years of searching before acquiring
    • Understanding the ROBS financing strategy
    • Reiterating company values weekly
    • His day-to-day role as owner
    • Restructuring to do more with fewer people
    • Embracing digital marketing and CRM tools
    • Why he’s so comfortable with project-based revenue
    • Advantage of a negative cash conversion cycle
    • Pros and cons of using subcontractors
    • Getting his general contractor’s license

    References and how to contact Alan:

    • LinkedIn
    • alan@stonemanrocks.com
    • The Stone Man

    Get a complementary pre-acquisition HR & PEO review for your target business:

    • Contact mark@aspenhr.com or visit Aspen HR

    Learn more about Walker Deibel's done-with-you buy-side advisory:

    • The Acquisition Lab

    Connect with Acquiring Minds:

    • See past + future interviews on the YouTube channel
    • Connect with host Will Smith on LinkedIn
    • Follow Will on Twitter

    Reward for a Brutal Transition: 3 Hours/Week with 2x EBITDA Mar 18, 2024
    Show notes

    Register here for the webinar, Working Capital 101

    • https://bit.ly/3IFObuB

    Get $200 off your ticket to the M&A Launchpad Conference in Houston on May 11th:

    • https://www.malaunchpad.com & enter code ACQUIRINGMINDS


    Despite an overwhelming transition, today Dan Tagliatela has 17x'd his initial investment and delegated the day-to-day.

    Topics in Dan’s interview:

    • His background in investing
    • What margins indicate about a business
    • Return on assets as a quality metric
    • Acquiring a pavement sealing company
    • Geographic density advantage of the business
    • His goal to double volume over 10 years
    • Replacing the antiquated robocall machine
    • Stress of learning and upgrading at the same time
    • Buying a window cleaning company
    • The Goldilocks approach to management

    References and how to contact Dan:

    • LinkedIn
    • Competitive Strategy by Michael Porter
    • Competitive Advantage by Michael Porter

    Get complimentary due diligence on your acquisition's insurance & benefits program:

    • Oberle Risk Strategies - Search Fund Team

    Work with an SBA broker who focuses exclusively on helping entrepreneurs buy businesses:

    • Matthias Smith of Pioneer Capital Advisory

    Connect with Acquiring Minds:

    • See past + future interviews on the YouTube channel
    • Connect with host Will Smith on LinkedIn
    • Follow Will on Twitter

    Buying Small, Growing Big: From $1m to $26m Mar 14, 2024
    Show notes

    John Wilson bought & grew a very small plumbing business 26x over the last 7 years, and today has plans to reach $100m.

    Topics in John’s interview:

    • Growing up in his family’s home services business
    • Taking over the business at 23
    • Acquiring a turnaround to grow his business
    • His first time doing layoffs
    • Using CertainPath’s model to grow
    • Tripling his ad spend during Covid
    • Why he believes in buying small
    • His take on installing an operator
    • His plan to get to $100M
    • The taxonomy of blue collar businesses

    References and how to contact John:

    • Owned and Operated (his podcast)
    • The Wilson Companies
    • Twitter
    • John’s tweet thread breaking down homes services business
    • CertainPath

    Work with an SBA broker who focuses exclusively on helping entrepreneurs buy businesses:

    • Matthias Smith of Pioneer Capital Advisory

    Learn more about Walker Deibel's done-with-you buy-side advisory:

    • The Acquisition Lab

    Connect with Acquiring Minds:

    • See past + future interviews on the YouTube channel
    • Connect with host Will Smith on LinkedIn
    • Follow Will on Twitter

    Unlocking Growth in a Business, Average Age 55 Mar 11, 2024
    Show notes

    Get $200 off your ticket to the M&A Launchpad Conference in Houston on May 11th:

    • https://www.malaunchpad.com & enter code ACQUIRINGMINDS


    Danny Fields & Steve Reis bought a decades-old utility supplier seemingly ripe for growth. It was harder than it looked.

    Topics in Danny and Steve’s interview:

    • Their shared background in the military
    • Educating their investors about oil and gas
    • Dramatically increasing their cold outreach response rate
    • Buying a business with $1M+ in revenue per employee
    • Delaying growth to build relationships
    • The pros and cons of having a workforce near retirement
    • Acquiring product lines and building a manufacturing company
    • Daily stress of running a business
    • Importance of buying a growing business
    • The future of renewable energy

    References and how to contact Danny & Steve:

    • Danny Fields' LinkedIn
    • Steve Reis' LinkedIn
    • Holland Supply Company

    Get a complementary pre-acquisition HR & PEO review for your target business:

    • Contact mark@aspenhr.com or visit Aspen HR

    Get complimentary due diligence on your acquisition's insurance & benefits program:

    • Oberle Risk Strategies - Search Fund Team

    Connect with Acquiring Minds:

    • See past + future interviews on the YouTube channel
    • Connect with host Will Smith on LinkedIn
    • Follow Will on Twitter

    Bought Tiny, Grew to $4m Mar 07, 2024
    Show notes

    SBA lender Chad Fondriest got the itch to get in the game himself & bought a couple's hobby business doing just $150k.

    Topics in Chad’s interview:

    • Keeping his W-2 while running the business
    • Quadrupling revenue in 2 years
    • Getting listed on Wayfair
    • Tradeoffs of selling on Amazon
    • High importance of inventory management
    • Explosive growth during Covid
    • How he estimated market size
    • Difficulty of competing in ecommerce
    • Forecasting trends a year in advance
    • Grief and joy of managing creatives

    References and how to contact Chad:

    • Darby Creek Trading
    • chad@darbycreektrading.com
    • Twitter
    • LinkedIn

    Get a complementary pre-acquisition HR & PEO review for your target business:

    • Contact mark@aspenhr.com or visit Aspen HR

    Get complimentary due diligence on your acquisition's insurance & benefits program:

    • Oberle Risk Strategies - Search Fund Team

    Connect with Acquiring Minds:

    • See past + future interviews on the YouTube channel
    • Connect with host Will Smith on LinkedIn
    • Follow Will on Twitter

    When You Buy a Glorified Job, Not a Business Mar 04, 2024
    Show notes

    Get $200 off your ticket to the M&A Launchpad Conference in Houston on May 11th:

    • https://www.malaunchpad.com & enter code ACQUIRINGMINDS


    Tato Corcoran packed a lifetime of learning (and tears) into 18 months when she left tech & bought a tiny manufacturer.

    Topics in Tato’s interview:

    • Connecting with sellers through direct mail
    • Her “Say yes and figure it out later” approach
    • Difficulty in hiring unskilled labor
    • How she solved her labor issue
    • Being a single woman in a male industry
    • Learning Spanish to communicate with her employees
    • Hemorrhaging money the first 8 months
    • Raising prices 40% without losing customers
    • The difference between good growth and bad growth
    • Doubling top line revenue

    References and how to contact Tato:

    • LinkedIn
    • tatohomes@gmail.com
    • The direct mail piece Tato used to reach business owners

    Learn more about Walker Deibel's done-with-you buy-side advisory:

    • The Acquisition Lab

    Work with an SBA broker who focuses exclusively on helping entrepreneurs buy businesses:

    • Matthias Smith of Pioneer Capital Advisory

    Connect with Acquiring Minds:

    • See past + future interviews on the YouTube channel
    • Connect with host Will Smith on LinkedIn
    • Follow Will on Twitter

    The Front Lines of a Crisis Feb 29, 2024
    Show notes

    14 months ago, Russ Hadlock bought an auto glass business with $2.3m in sales. Today he is struggling to keep it alive.

    Topics in Russ’s interview:

    • Inventing the Peloton handlebar tray
    • His life-changing exit from his company
    • Looking for stability and safety through acquisition
    • Fear of buying a company that was too big to operate
    • Expenses skyrocketing after transition
    • Impact of asset purchase on rent and insurance costs
    • Layoffs and belt tightening
    • Renegotiating his SBA loan
    • Consolidating locations as a Hail Mary
    • Need to get a job while still owning the business

    References and how to contact Russ:

    • Twitter
    • LinkedIn
    • AutoGlass Clinic & Mobile Radio

    Get complimentary due diligence on your acquisition's insurance & benefits program:

    • Oberle Risk Strategies - Search Fund Team

    Book your free tax strategy session for business buyers today:

    • Steed - book your free session

    Connect with Acquiring Minds:

    • See past + future interviews on the YouTube channel
    • Connect with host Will Smith on LinkedIn
    • Follow Will on Twitter

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